CySEC warns against unlicensed brokers including ETX clone
Cyprus financial regulator CySEC has issued its latest warnings against what it calls “unregulated entities.” These seem to be a combination of websites which either claim to be based in Cyprus, licensed by CySEC, clones of existing CySEC licensed brokers, or offshore brokers which have been targeting retail traders in the EU island nation.
One of the currently warned sites, monecor.eu, seems to be a clone of properly-licensed Monecor (Europe) Ltd. Monecor Europe is the CySEC licensed arm of parent Monecor (London) Limited, based in London and licensed by the UK’s FCA, which operates the ETX Capital retail FX brand. Control of ETX Capital was recently acquired by Swiss fintech investor Guru Capital SA.
The full text of the CySEC warning, and the list of wanred-against entities, follows:
The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.
CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities.
Nicosia, 12 November 2020